OPEC Is an Example of a ________; It Can Control

question 76

Multiple Choice

OPEC is an example of a ________; it can control the price of oil by controlling the market.

• A) cabal
• B) monopoly
• C) cartel
• D) producers' association
• E) competitive market

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Definitions:

Purchases Shift

A change in the buying behavior of consumers, often referring to a movement in demand for goods or services in the market.

Utility Change

refers to changes in the level of satisfaction or happiness that a consumer derives from consuming goods or services, indicating shifts in preferences or economic circumstances.

Marginal Utility

The increase in satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.